$200K cross-border crypto scam busted: Binance aids Ahmedabad Police in major crackdown
ADVERTISEMENT One of the most shocking cases involved a 90-year-old man from Gujarat who was manipulated into transferring Rs 1.25 crore after being falsely accused of legal violations.
In another incident, a young Indian jobseeker was lured to Nepal under the guise of employment, held captive, and forced to launder nearly Rs 49 lakh through cryptocurrency wallets.
Investigators were able to crack the network by leveraging the transparency of blockchain technology. Binance's Financial Intelligence Unit (FIU) worked closely with law enforcement, tracking suspicious wallet activity, identifying laundering routes, and providing actionable intelligence that led to the arrest of suspects involved in both cases.'This case highlights the growing sophistication of cyber scams and the need for cross-border cooperation,' said a senior investigator from the Ahmedabad Cyber Crime Branch. 'With timely support from Binance's FIU team, we were able to trace the crypto trail, identify key suspects, and move quickly on arrests. Our goal is to dismantle this criminal network at its roots and protect other potential victims.'The so-called "digital arrest" scams involve criminals impersonating police or government officials to intimidate victims into transferring money. In many cases, funds are routed through crypto wallets or rented bank accounts to obscure their origin.
ADVERTISEMENT Binance's regional operations team emphasized that blockchain's traceability played a key role in tracking the illicit funds.'Every blockchain transaction leaves a visible, verifiable trail,' said Kushal Manupati, Regional Growth & Operations Lead, South Asia at Binance. 'This case is a strong example of how crypto, when used responsibly, can help fight financial crime. Binance is committed to supporting investigations that protect users and uphold the integrity of the ecosystem.'
ADVERTISEMENT The crypto platform said it remains focused on working with global and local agencies to curb misuse of digital assets. Investigations in this case are ongoing, with more arrests expected as authorities dig deeper into the international network behind the scam.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
ADVERTISEMENT
(You can now subscribe to our ETMarkets WhatsApp channel)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Value Chain
a few seconds ago
- Fashion Value Chain
Brand Concepts Opens Ujjain-Indore Factory for TH Gear
Brand Concepts Limited, a leading player in India's fashion and lifestyle retail industry, has announced the launch of its new state-of-the-art manufacturing unit in the Ujjain-Indore belt. This facility will focus on producing premium travel gear for Tommy Hilfiger, marking a major step in the company's strategy to strengthen localized manufacturing and deliver world-class products to Indian consumers. The new unit underscores Brand Concepts' mission to reduce dependence on imports, build supply chain resilience, and align with India's goal of becoming a global hub for premium manufacturing. By localizing production, the company enhances operational efficiency, lowers logistics and import-related costs, and offers competitive pricing to consumers. 'Having direct control over the production process allows us to uphold Tommy Hilfiger's globally recognized quality standards across all products manufactured locally,' said Mr. Abhinav Kumar, Co-founder of Brand Concepts Ltd. He added that the savings from logistics and trade expenses are being passed on to consumers, reinforcing the company's consumer-first approach. The initiative also helps diversify manufacturing beyond China, insulating operations from global disruptions and import policy changes. To further strengthen customer trust, the company has introduced extended warranties on its travel gear range. This development reflects Brand Concepts Limited's long-term focus on innovation, quality, and consumer-centric growth, while contributing to India's emergence as a premium and lifestyle manufacturing hub.
&w=3840&q=100)
Business Standard
a few seconds ago
- Business Standard
IT shares in focus: Infosys, TCS, Coforge rally up to 3%; here's why
Information technology (IT) companies share price today Shares of information technology (IT) companies were in focus with the Nifty IT index surging over 2 per cent, outperforming the market, on the National Stock Exchange (NSE) in Wednesday's intra-day trade on value buying. Infosys, Coforge and Mphasis rallied 3 per cent each, while Tata Consultancy Services (TCS), Persistent Systems, LTIMindtree, Wipro, Tech Mahindra and Oracle Financial Services Software gained 2 per cent each. At 12:37 PM; the Nifty IT index was the top gainer among sectoral indices, up 2.3 per cent, as compared to 0.3 per cent rise in the Nifty 50. However, thus far in the calendar year 2025, the Nifty IT index has underperformed the market by falling 18 per cent, as against 5.5 per cent rally in the benchmark index. Brokerages view on IT services sector In the April to June 2025 quarter (Q1FY26), the Indian IT services sector faced a mixed demand environment, with macro uncertainty, geopolitical risks, and delayed client decision-making keeping Tier-1 player's revenue growth tepid at -3.3 per cent to 2.6 per cent quarter-on-quarter (QoQ) on constant currency terms. Four of the five large players posted QoQ revenue declines, and three saw year-on-year (YoY) drop while midcaps like Persistent and Coforge continued to outperform Tier-1 peers. On the margins front, companies managed to maintain stable margins despite weak demand, aided by efficiency gains, wage deferrals, and strong cost controls, though guidance remains cautious. Deal total contract values (TCVs) stayed strong, dominated by cost optimisation and vendor consolidation deals, while discretionary spend continued to remain muted. Notably, attrition rates saw a slight QoQ uptick after several quarters of moderation, suggesting some churn in a still competitive talent market, ICICI Securities said. Moderating inflation expectations, easing labour market situations (including IT Ops /Helpdesk/Software development jobs) and possibly the expectations that companies will absorb tariff-linked cost escalation and improved odds of Fed-rate cuts in September. This could possibly be a catalyst for mean reversal in IT Services' valuation, analysts at JM Financial Institutional Securities said in the IT services sector update. Besides, rising probability of Fed rate cut (likely limited effect of tariff on inflation) implies that market expects companies to absorb most of the tariff increase. That could further squeeze IT Services spend, in the brokerages' view. These pressures, in turn, are driving higher vendor consolidation opportunities – a positive – and margin pressures – a negative. That said, benign valuations and subdued expectations mean these concerns are likely priced in. Fed rate cut could therefore trigger a minor bounce back, analysts said. Stocks with valuation buffers are better placed. The Indian IT sector is poised for modest growth in FY26, driven by stabilisation in key markets like the US and Europe, alongside increasing demands for AI, cloud, and digital transformation services. Despite near-term challenges such as macroeconomic uncertainty, discretionary spending delays, and geopolitical volatility, the sector is expected to benefit from a robust deal pipeline and a shift toward cost optimization and technology modernisation initiatives, according to analysts at Mirae Asset Sharekhan.
The Hindu
a few seconds ago
- The Hindu
MSMEs in textiles, diamonds, chemicals to be most hit by U.S. tariffs: CRISIL Intelligence
'The imposition of higher tariffs by the U.S. will significantly impact the Micro, Small and Medium Enterprise (MSME) sector, which accounts for around 45% of India's exports, while MSMEs in textiles, diamonds and chemicals are likely to be the most hit,' a report by CRISIL Intelligence said. 'The U.S. levies ad valorem duty of 25% on Indian goods. However, it has imposed an additional 25% tariff which will be effective from August 27 this year. This brings the total tariffs to 50%, which will have a meaningful impact on several sectors in India,' the report said. 'Textiles, gems and jewellery, which account for 25% of India's exports to the U.S., are likely to be most affected. The MSMEs have more than 70% share in these sectors and will be hit hard,' the report said. Another sector which is likely to face the heat is chemicals, where MSMEs have a 40% share. 'The gems and jewellery sector at Surat in Gujarat, which dominates diamond exports, will feel the tariff shock,' the report said. 'Diamonds account for more than 50% of the country's gems and jewellery exports, and the U.S. is a major consumer,' according to the report. In chemicals too, India faces competition from Japan and South Korea which are subject to lower tariffs. In steel, the U.S. tariffs are expected to have a negligible impact on the MSMEs as the units are mostly engaged in re-rolling and long products. The U.S. primarily imports flat products from India. In the textiles sector, the ready-made garments are expected to lose ground in the U.S. compared to peers including Bangladesh and Vietnam which face lower tariffs.
